Punt it. No point wasting money you don't have on something you realistically won't drive for a decade.
If I was 17 and had to buy a first car now, I'd go for a MK5 Fiesta Van. Fit coilovers, fix the rust, ZetecS bumpers/skirts/spoiler, Escos wheels, Recaros and a basic but decent stereo set up.
If I was 16 and at college, I'd forget about cars until I could drive one and concentrate on trying like a dragon to fingerbang every bit of slice that moved around the college instead.
Cheers,
Grant